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Growth in Quebec City region holds steady |
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The heads of the world’s chief central banks agree that the recession
is now behind us. They also note that the world economy managed to
avoid an extremely threatening depression. Their position is based in
part on the signs of recovery that have been observed in the developed
world and in the emerging countries of Asia, as well as on the improved
synchronization of economic indicators. Nevertheless, doubts have been
expressed about the strength, scale and duration of the recovery. For
example, the Bank of Canada is forecasting that growth of potential
output worldwide will drop from 4.0 % to 3.0 % during the 2009-2011
period. In addition, it should be noted that the return to corporate
profitability stems from significant cost reductions and layoffs, not
from a strong increase in global demand. Despite the turmoil, the Quebec City
region is managing to stay afloat. According to our projections, the
region should record positive GDP growth of approximately 0.5% in
2009—an exceptional situation in Canada this year. It is also
benefiting from the stability provided by the local public sector, as
well as from a number of major construction projects and efforts to
increase the potential of existing companies. More than $1.8 billion in
private investments will be made in 2009. In addition, venture capital
investments in the region stood at $87.0 million after the first nine
months of the year, accounting for 30.7% of the provincial total. It
should be noted that this nine-month total exceeds the historical peak
recorded for the entire 2007 year ($54.4 million). This robust
performance is expected to continue in 2010. However, all companies
across the province, including those in the Quebec City region, will be
confronted with the same set of challenges posed by weak demand
worldwide.
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GlaxoSmithKline invests $90 million in Quebec City |
GlaxoSmithKline, the world’s second-largest pharmaceutical companies,
is upgrading its vaccine manufacturing facilities in Quebec City’s Parc
technologique. The project consists of installing a new sterile
packaging and filling line that will effectively double the plant’s
production capacity and enable the company to meet demand in the event
of a pandemic.
Press release |
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Medicago exports its expertise to France |
Medicago, a Quebec City-based biotechnology firm specializing in
vaccine development, has signed an agreement with Genopole biopark in
Evry, France. This partnership will lead to the construction of a
commercial production unit in France focusing on seasonal and pandemic
flu vaccines.
Press release
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Laval University professor honoured by his peers |
Dr. Michel G. Bergeron, director of Laval University’s Infectiology
Research Centre (CRI), has been awarded the Canadian Medical
Association’s prestigious Medal of Service for 2009. This honour marks
Dr. Bergeron’s outstanding contributions to promoting health care in
Canada.
Press release
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Sarbakan teams up with a giant |
Sarbakan, a Quebec City-based video game development studio, has signed
an agreement with multinational giant Microsoft to develop an original
title for Xbox LIVE Arcade. This partnership will enable Sarbakan to
consolidate its international reputation as a multiplatform developer
and original game creator.
Press release
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Lawyers Without Borders Canada selects Quebec City |
Quebec City is honoured to have been selected as the site for the
Canadian headquarters of Lawyers Without Borders, a non-governmental
organization that helps defend the rights of some of the world’s most
vulnerable people.
Press release (French only)
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KOREM joins forces with Google |
Quebec City-based KOREM, a pioneer in systems development and
integration in the geospatial sector, is now a North American vendor of
Google Earth Enterprise and Google Maps API Premier.
Press release
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Lyrtech launches an occupancy detection solution |
Lyrtech Inc., which specializes in digital signal processing
technologies, is currently marketing an intelligent occupancy sensor
that can detect, track and count objects or people. Incorporating
cutting-edge technologies developed by Texas Instruments and
ObjectVideo, the sensor can be used across a wide range of
applications, including building automation and strategic watch.
For further information
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Quebec City’s thriving insurance sector |
A total of 11 insurance companies are headquartered in the Quebec City
area, forming one of the region’s most dynamic industries. Sustained
growth in the sector has generated thousands of jobs, in addition to
attracting investors from around the world.
Press release
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Real GDP |
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Q2 2009 |
Q1 2009 |
| Quebec City CMA |
+0,3% |
+0,2% |
| Quebec (province) |
-0,7% |
-1,3% |
| Canada |
-0,9% |
-1,6% |
| FURTHER INFORMATION |
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Labour market (M) |
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Q3 2009 |
9 months 2009 |
| QCA Zone |
0,56 (-1,8%) |
0,57 (-0,1%) |
| Quebec (province) |
3,83 (-1,1%) |
3,84 (-0,9%) |
| FURTHER INFORMATION |
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Job creation |
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Q3 2009 |
9 months 2009 |
| QCA Zone |
-10 600 |
-800 |
| Quebec (province) |
-42 300 |
-34 100 |
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Unemployment rate |
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Q3 2009 |
9 months 2009 |
| QCA Zone |
5,6% |
5,7% |
| Quebec (province) |
9,0% |
8,5% |
| Canada |
8,6% |
8,2% |
| FURTHER INFORMATION |
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Capital investment |
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QCA Zone |
Quebec (province) |
| 2009f |
8,7 G$ (-1,9%) |
62,1 G$ (-0,04%) |
| 2008 |
8,9 G$ (+7,0%) |
62,1 G$ (+8,9%) |
| 2007 |
8,3 G$ (+19,9%) |
57,1 G$ (+10,1%) |
| FURTHER INFORMATION |
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Venture capital - Quebec City CMA (total invested) |
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| Q3 2009 |
36,5 M$ (+551,8%) |
| Q2 2009 |
2,9 M$ (-35,4%) |
| 2008 |
22,9 M$ (-57,8%) |
| FURTHER INFORMATION |
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Office space (Q3-2009) |
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Quebec City CMA
Vacancy rate
Average net rent |
5,5%
10,71 $ p.c. |
Downtown Quebec City
Vacancy rate
Average net rent |
3,3%
11,30 $ p.c. |
Ste-Foy
Vacancy rate
Average net rent |
7,2%
10,56 $ p.c. |
Northwest sector
Vacancy rate
Average net rent |
8,4%
10,42 $ p.c. |
Levis
Vacancy rate
Average net rent |
2,2%
10,39 $ p.c. |
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Disposable personal income per capita (Q2-2009) |
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| Quebec City CMA |
28 639 $ (+3,0%) |
| Quebec (province) |
25 565 $ (+0,8%) |
| Canada |
28 503 $ (-0,3%) |
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Average wage (Q2-2009) |
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| Quebec City CMA |
39 042 $ (+2,0%) |
| Quebec (province) |
36 345 $ (+1,5%) |
| Canada |
42 324 $ (+2,1%) |
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Inflation rate |
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Q2 2009 |
Q1 2009 |
| Quebec City CMA |
+0,4% |
+0,8% |
| Quebec (province) |
-0,1% |
+0,7% |
| Canada |
+0,1% |
+1,2% |
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Retail sale (G$) |
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Q2 2009 |
Q1 2009 |
| Quebec City CMA |
11,4 (-1,0%) |
11,3 (-0,9%) |
| Quebec (province) |
93,5 (-2,1%) |
92,9 (-2,0%) |
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Total population (M) |
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2008 |
2031f |
| QCA Zone |
1,082
(+0,9% vs 2007) |
1,178
(+8,9% vs 2008) |
| Quebec (province) |
7,750
(+0,8% vs 2007) |
8,838
(+14,0% vs 2008) |
| FURTHER INFORMATION |
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Active population |
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2008 |
2031f |
| QCA Zone |
754 303
(+0,5% vs 2007) |
674 514
(-10,6% vs 2008) |
| Quebec (province) |
5 385 663
(+0,6% vs 2007) |
5 257 385
(-2,4% vs 2008) |
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Housing starts - Quebec City CMA |
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| Q3-2009 |
1 632 (+62,2%) |
| Q2-2009 |
1 662 (-22,8%) |
| Q1-2009 |
491 (-43,5%) |
| Q4-2008 |
1 428 (+11,2%) |
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Residentiel vacancy rate |
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April 2009 |
2008 |
| Quebec City CMA |
0,6% |
0,6% |
| Quebec (province) |
2,3% |
2,2% |
Sources
: Conference Board of Canada/Quebec Institute of Statistics
(ISQ)/Emploi-Québec/Office of the Superintendent of Bankruptcy/Quebec
Department of Tourism (MTQ)/Altus Group/Canada Mortgage and Housing
Corporation. |
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